Reliance Industries purchases two million barrels of Venezuelan crude oil from Vitol
India's Reliance Industries secured two million barrels of Venezuelan crude from Vitol today. The April delivery carries a discount of up to seven dollars.
Insights:
Reliance Industries Limited has completed the purchase of 2 million barrels of crude oil from Venezuela 
VE through the trading firm Vitol, with the transaction finalized on February 5, 2026. The deal involves a very large crude carrier (VLCC) scheduled for April delivery. The cargo was secured at a discount of approximately $6.5 to $7 per barrel relative to the ICE Brent benchmark, a move that directly impacts the company's feedstock economics.
VE through the trading firm Vitol, with the transaction finalized on February 5, 2026. The deal involves a very large crude carrier (VLCC) scheduled for April delivery. The cargo was secured at a discount of approximately $6.5 to $7 per barrel relative to the ICE Brent benchmark, a move that directly impacts the company's feedstock economics.This procurement is expected to have immediate company-level implications for Reliance Industries Limited in India 
IN. By acquiring a significant volume of discounted Venezuelan crude, the firm is adjusting its crude sourcing strategy and refining input costs. These changes will be reflected in the company's refining margins for the April delivery period, as the large cargo alters the near-term feedstock cost base.
IN. By acquiring a significant volume of discounted Venezuelan crude, the firm is adjusting its crude sourcing strategy and refining input costs. These changes will be reflected in the company's refining margins for the April delivery period, as the large cargo alters the near-term feedstock cost base.
